WASHINGTON, D.C. вЂ“ The Consumer Financial Protection Bureau (CFPB) today took action against four lenders that are online Golden Valley Lending, Inc., Silver Cloud Financial, Inc., hill Summit Financial, Inc., and Majestic Lake Financial, online title LA Inc. вЂ“ for deceiving customers by gathering financial obligation these people were maybe perhaps maybe perhaps not lawfully owed. The CFPB alleges that the four lenders could not legally collect on these debts because the loans were void under state laws governing interest rate caps or the licensing of lenders in a suit filed in federal court. The CFPB alleges that the lenders made demands that are deceptive illegally took cash from customer bank is the reason debts that customers failed to lawfully owe. The CFPB seeks to end the illegal methods, recoup relief for harmed customers, and impose a penalty.
“Our company is suing four lenders that are online gathering on debts that customers would not lawfully owe,” said CFPB Director Richard Cordray. “We allege why these businesses made demands that are deceptive illegally took funds from individuals bank records.